Agora Polish Publisher Heads for 4-Week Low on Profit, Outlook
Agora SA (AGO), Poland’s largest publicly- listed publisher, headed for the lowest in almost four weeks, after reporting second-quarter profit plunged.
The shares fell 3.61 percent to 7.75 zloty as of 3:07 p.m. in Warsaw, the least on a closing basis since July 17. The stock retreated 3.7 percent on Aug. 10.
Net income slumped to 1.3 million zloty ($392,832) from 21.7 million zloty a year earlier, Agora said Aug. 10. The newspaper advertising market is expected to drop 17 percent to 20 percent this year, according to the company.
Agora is looking to cut as many as 250 jobs by the end of January next year to reduce costs, it said in a regulatory statement today. The company had 3,415 people on its rolls as at March-end, according to data compiled by Bloomberg.
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